North Carolina Recommended Spending Percentages
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FAQ
The largest source of tax revenue was sales tax (48%), followed by income taxes (41%), licensing taxes (6%), other taxes (4%), and property taxes (2%). During fiscal year 2014, North Carolina's state government collected $23.4 billion in taxes.
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
The U.S. Treasury divides all federal spending into three groups: mandatory spending, discretionary spending and interest on debt. Together, mandatory and discretionary spending account for more than ninety percent of all federal spending, and pay for all of the government services and programs on which we rely.
OSBM evaluates agencies' budget requests and prepares the Governor's budget recommendations to present to the North Carolina General Assembly. By law, the state budget must be balanced based on revenue projections for the fiscal year.
North Carolina's largest spending areas per capita were elementary and secondary education ($1,558) and health and hospitals ($1,534). The Census Bureau includes most Medicaid spending in public welfare but also allocates some of it to public hospitals.
What do state and local governments spend money on? State and local governments spend most of their resources on education, health, and social service programs. In 2019, about one-third of state and local spending went toward combined elementary and secondary education (22 percent) and higher education (9 percent).
In California in fiscal year 2015, 58.4 percent of total tax revenues came from income taxes. Education accounted for 28.3 percent of state expenditures in fiscal year 2015, while 33.5 percent went to Medicaid.
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
NC Education LotteryAbout 30 percent of lottery revenue goes to education. Even if the NC Education lottery gave 100 percent of its revenue to schools, that would only cover about 19 percent of the state's total budget for K-12 public schools.
The largest section of local spending is for education. To read an article by the U.S. Census Bureau related to state and local government expenditures and their revenues visit State and Local Government Spending Grows Faster Than Revenue.
